Board Elects New Leadership and Board Members
At its last quarterly meeting of FY 2025, the Board elected new leadership for FY 2026 as well as four new Board members to fill vacancies on the Board. The Board elected Natasha Holiday, Managing Director, Co-Head of Infrastructure East, RBC Capital Markets, to serve as Chair and Wendell Gaertner, Senior Managing Director of Public Resources Advisory Group, Inc., to serve as Vice Chair.
The new public members joining the MSRB Board in FY 2026 are Nancy Feldman, Chief of the Division of Fiscal Management for Montgomery County, Maryland, and JoLinda L. Herring, CEO and Managing Shareholder, Bryant Miller Olive. The new regulated members joining the Board are Vivian Altman, Managing Director and Head of Public Finance, Janney Montgomery Scott, and Daniel Hartman, Managing Director and Immediate Past CEO, PFM Financial Advisors LLC.
Learn more about MSRB’s incoming Board members.
Board Approves FY 2026 Budget and Rate Card Filing
At its last quarterly meeting of FY 2025, MSRB's Board approved a $46.2 million budget for FY 2026, representing a decrease of 5.2 percent or $2.6 million compared to MSRB’s FY 2025 budget. This budget was developed following dialogue with stakeholders, which provided MSRB with valuable feedback and perspective.
The Board also approved filing an amended rate card with the Securities and Exchange Commission for calendar years 2026-2029. The proposed multi-year rate card is designed to provide the industry with greater certainty and stability with respect to fees and reduce MSRB surplus reserves.
Learn more about MSRB’s budget, rate card and other news from the Board meeting
MSRB Rescinds One-Minute Trade Reporting Rule
In June, the Board approved filing amendments to Rule G-14 to rescind previously approved, but not yet effective, rule provisions so that the existing 15-minute trade reporting standard would be retained. MSRB's decision came after months of dialogue and engagement with market participants. Updated data on reporting timeframes since the initial trade data analysis from the 2022 filing, together with certain implementation issues raised by stakeholders, suggested that the amendments approved in 2024 were not necessary to improve market transparency.
MSRB Recognizes 50th Anniversary
This year marks MSRB's 50th anniversary. Since June 4, 1975, MSRB has proudly served as an independent, self-regulatory organization (SRO), established by Congress to protect investors, issuers, and the public interest within the municipal securities market. For the past five decades, MSRB has fulfilled this important congressional mandate to ensure a fair and efficient market.
MSRB Research Presented at Brookings Institution
MSRB Chief Economist, Simon Wu, presented his research at the Brookings Institution’s 14th annual Municipal Finance Conference in July. The paper, entitled “A Comparison of Transaction Costs for Municipal Securities and Other Fixed-Income Securities,” showed, among other things, that the average effective spread paid by investors for municipal securities was higher than it was for corporate bonds and for agency securities.
MSRB Hosts Muni Finance Day
MSRB recently hosted two Muni Finance Days—one in partnership with the Urban Leadership Fellows Program (ULF), a program for recent New York City high school graduates, and the other with the Chicago Summer Business Institute (CSBI), a program for Chicago high school students. MSRB has been hosting Muni Finance Day for more than a decade with the goal of inspiring the next generation of public finance professionals.
MSRB thanks the exceptional group of speakers who shared insights with the students, including legislators, regulators, industry professionals and academics.
Learn more about Muni Finance Day with CSBI.
Learn more about Muni Finance Day with ULF.
More Information from MSRB
- Visit the MSRB.org Rules and Guidance page to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.
- Our Compliance Center has resources and information to help regulated entities understand and comply with MSRB rules.
- See more news about how the MSRB is protecting investors, issuers and the public interest on our press releases page.
